George Osborne (no relation) has announced the date for his first Budget as Chancellor of the Exchequer. He will outline his deficit reduction plan on June 22nd, and both spending cuts and tax rises could be on the agenda.The new coalition government announced that £6 billion in cuts would be made this year, as it attempts to realign tax receipts with national spending. Mr Osborne could announce an increase in VAT to fund some of the savings, while capital gains tax may also rise for non-business assets. However, it is possible that the Chancellor could reduce corporation tax rates - a move likely to be welcomed within the small business sector.
APA, along with organisations including the Confederation of British Industry and British Chambers of Commerce have long been highlighting the importance of innovation and productivity to any economic recovery, and the government may respond by encouraging growth and expansion.
As always, APA will comment on any significant issues that could be either beneficial or detrimental to PAs or the businesses they work for. All APA members are encouraged to share their concerns or desires with me, so that I can communicate them to the Chancellor.
Gareth Osborne, APA
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